PORTLAND, Ore., June 16,
2022 /PRNewswire/ -- Schmitt Industries, Inc.
(NASDAQ: SMIT) (the "Company" or "Schmitt") today provided an
update on Ample Hills and strategic transactions.
Ample Hills ice cream sales have experienced a strong start to
the summer, with May same-store-sales up 34% from $615 thousand as compared to $460 thousand same month prior year; and
year-to-date same-store-sales up 15% as compared to the same period
in the prior year.
Ample Hills also announced a new lease in Manhattan's historic Greenwich Village. This lease brings the new
lease total to five, including the recently announced Upper West
Side location that is expected to open in July, as well as a
Long Island City location and
Pasadena and Beverly Hills locations in Los Angeles.
"We are excited to see the pent-up ice cream demand as our
country and communities begin to normalize in a new-COVID
environment. We are positioned well with attractive locations to
continue to bring Ample Hills scoop shops to support new
communities and serve them with unique and top of class ice cream,"
commented Michael Zapata, CEO and
Chairman.
Schmitt Transactions
In reference to the Xact letter of intent announced on
May 17, 2022 (the "LOI"), the Board
of the Company did not approve the transaction and has formally
terminated the LOI to pursue more strategic options that are
expected to further increase value to shareholders.
In reference to the pending sale agreement for the Nicolai
Street property, subject to the due diligence review, it is
expected that the sale will close on or before July 15, 2022. There is no guarantee that a
transaction will be completed. Accordingly, there can be no
assurance that the Company's efforts to consummate the transaction
contemplated by the agreement will be successful.
About Schmitt Industries
Schmitt Industries, Inc., founded in 1987, designs, manufactures
and sells high precision test and measurement products, solutions
and services through its Acuity® and Xact® product lines. Acuity
provides laser and white light sensor distance measurement and
dimensional sizing products, and our Xact line provides
ultrasonic-based remote tank monitoring products and related
monitoring revenues for markets in the Internet of Things
environment. The Company also owns and operates Ample Hills
Creamery, a beloved ice cream manufacturer and retailer based in
Brooklyn, NY.
Safe Harbor Statement
This document may contain forward-looking statements made
pursuant to the Private Securities Litigation Reform Act of 1995.
These statements are not guarantees of future performance and
involve risks and uncertainties that are difficult to predict.
Actual outcomes and results may differ materially from what is
expressed or forecasted in such forward-looking statements due to
numerous factors. A complete discussion of the risks and
uncertainties that may affect Schmitt's business, including the
business of its subsidiary, is included in "Risk Factors" in the
Company's most recent Annual Report on Form 10-K as filed by the
Company with the Securities and Exchange Commission.
For more information
contact:
|
Michael R. Zapata,
President and CEO
Phillip Bosco, CFO and
Treasurer
(503)
227-7908
|
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SOURCE Schmitt Industries, Inc.